The coronavirus pandemic is accelerating changes in the global economy, affecting just about every sector Now the question is to determine the extent of these changes and decipher the short-term shift in preferences of consumers in relation to permanent change
Billionaire investor and The Carlyle Group (CG) co-founder David Rubenstein told Yahoo Finance at its All Markets Summit on Monday that although it is an « interesting phenomenon » to try to understand how quickly the world has changed because of the pandemic, one thing is very clear: you are not going to see people « rushing back to work » in an office in a post COVID-19 world
« The industrial revolution lasted about 100 years The Internet revolution took maybe 20 years The smartphone took five to seven years Now, in less than a year, we’ve basically said we’re going to do things on the equivalent of what we do now, Zoom or the equivalent Zoom It’s amazing how many people have adapted to it in less than a year and a lot of people I know don’t want to go back to work in their offices »
A Gartner survey found that 74% of 317 CFOs surveyed expect some of their staff to work permanently from home after the COVID-19 crisis, as businesses and employees see the benefits of flexible hours and, in some cases, an increase in productivity Earlier this spring, Facebook (FB) announced that part of its workforce would be able to work from home forever, with CEO Mark Zuckerberg estimating that up to 50% of its workforce could do so within five to the next ten years Facebook’s announcement follows similar moves from Twitter (TWTR) and Shopify (SHOP)
Of course, this has investment implications Zoom (ZM) has been a home action winner during the pandemic, with stocks rising over 650% since the start of the year and its Competitors are also among this year’s favorites with Microsoft Teams (MSFT), Slack (WORK) and Google Meet (GOOG, GOOGL) rapidly growing their user base as businesses transition to a full work-from-home model.
What will the future of work look like? Rubenstein says it’s safe to bet people won’t feel the need to travel the world for a half-hour meeting, but the need for human interaction isn’t going anywhere – and that part will stay. criticism
“Human interaction has been a hallmark of the way people do things throughout history. I think they’ll want human interaction, but they’ll come back to it slowly,” Rubenstein said. “The world will change in ways we can’t predict I think you’re going to see people adapt to this way of life for a while In ten years who knows? I think in the next two years you won’t see people rushing back to work «
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David Rubenstein, Coronavirus, Investment
World News – AU – David Rubenstein: People will not ‘rush back to work’ after COVID-19
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